MOSAIC CO0001285785false00012857852024-02-212024-02-21

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 21, 2024
 
THE MOSAIC COMPANY
(Exact name of registrant as specified in its charter)
 
 
Delaware001-3232720-1026454
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
101 East Kennedy Blvd.
33602
Suite 2500
Tampa,
Florida
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (800918-8270
Not applicable
(Former Name or Former Address, if Changed Since Last Report)  
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareMOSNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨




Item 2.02.Results of Operations and Financial Condition.
The following information is being “furnished” in accordance with General Instruction B.2. of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing:
Furnished herewith as Exhibit 99.1 and incorporated by reference herein is the text of The Mosaic Company’s (“Mosaic,” and Mosaic and its subsidiaries, individually or in any combination, “we,” “us” or “our”) announcement regarding its earnings and results of operations for the quarter and full year ended December 31, 2023, as presented in a press release issued on February 21, 2024.
Furnished herewith as Exhibit 99.2 and incorporated by reference herein is certain performance data for the period ended December 31, 2023 to be published on Mosaic’s website.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits.
Reference is made to the Exhibit Index hereto with respect to the exhibits furnished herewith. The following exhibits are being “furnished” in accordance with General Instruction B.2. of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  THE MOSAIC COMPANY
Date: February 21, 2024  By: /s/ Philip E. Bauer
  Name: Philip E. Bauer
  Title: Senior Vice President, General Counsel
   and Corporate Secretary



     Exhibit 99.1
mosaicsigna2016a03.jpg
  
The Mosaic Company
101 E. Kennedy Blvd., Suite 2500
Tampa, FL 33602
www.mosaicco.com
For Immediate Release
Investors
Joan Tong
863-640-0826
joan.tong@mosaicco.com
  

Jason Tremblay
813-775-4226
jason.tremblay@mosaicco.com
  
Media
Ben Pratt
813-775-4206
benjamin.pratt@mosaicco.com
THE MOSAIC COMPANY REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS

Full year net income of $1.2 billion, adjusted EBITDA(1) of $2.8 billion
2023 cash from operations of $2.4 billion, free cash flow(1) of $795 million
Returned $1.1 billion to shareholders through share repurchases and dividends in 2023 and completed refinancing of $900 million in debt
Responding to current potash market conditions by curtailing production from the Colonsay mine
TAMPA, FL, February 21, 2024 - The Mosaic Company (NYSE: MOS) today reported net income of $1.2 billion and diluted earnings per share (EPS) of $3.50 for full year 2023. Adjusted EBITDA(1) for the year was $2.8 billion and adjusted diluted EPS(1) was $3.57.
The company reported fourth quarter net income of $365 million and diluted EPS of $1.11. Adjusted EBITDA(1) totaled $646 million for the quarter and adjusted diluted EPS(1) was $0.71.
"Mosaic successfully navigated a highly dynamic market in 2023. We delivered strong free cash flow and returned significant capital to shareholders while reinvesting in the business" said Bruce Bodine, President and CEO. "Looking into 2024, Mosaic expects to continue to benefit from a strong phosphates market, and is well positioned to deliver solid results as we optimize our low cost potash operations. In addition, we are focused on improving our phosphates production level, expanding our portfolio of value-added products, growing our leading presence in Brazil, and enhancing the overall efficiency of our operations".
Highlights:
Full year revenues declined 28 percent year-over-year to $13.7 billion, reflecting the impact of lower selling prices. The gross margin rate in 2023 was 16 percent, down from 30 percent in 2022.
Net Income in 2023 totaled $1.2 billion, declining 67 percent from 2022. Adjusted EBITDA(1) in 2023 totaled $2.8 billion, a decline of 56 percent from 2022. Cash flows from operating activities totaled $2.4 billion and Free Cash Flow(1) totaled $795 million.
Potash operating earnings were $1.2 billion in 2023, down from $2.8 billion in the prior year. Adjusted EBITDA(1) totaled $1.5 billion in 2023, down from $3.1 billion last year. We completed the development of Esterhazy K3, which is the largest and one of the most efficient and low-cost potash complexes in the world. Canpotex's port at Portland, Oregon returned to normal operation in December after being idled since April 2023. In response to current market conditions, Mosaic will be curtailing its production from its Colonsay mine.
(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.
*Free cash flow is defined as cash from operations minus total capital expenditures and adjusted for working capital financing.
1


Phosphate operating earnings were $375 million in 2023, compared to $1.3 billion in 2022. Adjusted EBITDA(1) totaled $1.2 billion in 2023, down from $2.2 billion in the prior year. Segment results reflect the impact of lower prices and production challenges due to weather-related events and repairs of our sulfuric acid facilities in Louisiana, partially offset by lower raw material prices. Phosphate prices stabilized in the second quarter of 2023 and rose in the second half of the year.
Mosaic Fertilizantes operating earnings were $75 million in 2023, down from $910 million in 2022. Adjusted EBITDA(1) totaled $327 million in 2023, down from $1.0 billion last year. In the second quarter of 2023, we finished the destocking of high-priced inventory which negatively impacted our first half 2023 results. Distribution business margin per tonne came in above the $30-$40 annual normalized range in the fourth quarter.
Capital Allocation Strategy
Mosaic remains committed to a disciplined capital allocation strategy.
Mosaic returned $1.1 billion of capital to shareholders in 2023, including share repurchases totaling $756 million, and increased the dividend by 10 percent in December 2023. Capital returns exceeded free cash flow due to cash received from other sources, including the sale of Streamsong Resort.
Mosaic is committed to maintaining a strong balance sheet that is sustainable through our industry's normal business cycle. Mosaic refinanced $900 million of debt obligations with a $500 million term loan, and a $400 million bond issuance which closed in December.
Mosaic remains committed to returning excess cash to shareholders in 2024 through a combination of dividends and share repurchases.
Total capital expenditures are expected to be approximately $1.2 billion for 2024, about $200 million below the 2023 level. Mosaic continues to focus on high-returning investments with modest capital requirements.
Segment Analysis
PotashQ4 2023Q4 202220232022
Sales Volumes - million tonnes*2.61.98.98.1
MOP Selling Price(2)
$243$581$308$632
Gross Margin (GAAP) per tonne$99$289$137$351
Adjusted Gross Margin (non-GAAP) per tonne(1)
$99$289$137$351
Operating Earnings - millions$222$497$1,152$2,768
Segment Adjusted EBITDA(1) - millions
$322$597$1,471$3,117
*Tonnes = finished product tonnes
(2)Average per tonne MOP selling price (fob mine)
The Potash segment reported net sales of $3.2 billion in 2023, down from $5.2 billion in 2022, reflecting lower prices. Gross margin per tonne was $137, down from $351 last year.
Sales volumes increased from 8.1 million tonnes in 2022 to 8.9 million tonnes in 2023. Despite logistics challenges, fourth quarter sales volumes came in well within our guidance range.
Sales volumes in the first quarter are expected to be 2.0-2.2 million tonnes with realized mine-gate MOP prices in the range of $225-$250 per tonne.





(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.

2


PhosphateQ4 2023Q4 202220232022
Sales Volumes - million tonnes*1.61.67.06.6
DAP Selling Price(3)
$552$722$573$804
Gross Margin (GAAP) per tonne$88$148$100$268
Adjusted Gross Margin (non-GAAP) per tonne(1)
$106$167$109$274
Operating Earnings (Loss) - millions$21$145$375$1,347
Segment Adjusted EBITDA(1) - millions
$259$348$1,227$2,219
*Tonnes = finished product tonnes
(3)Average DAP Selling Price (fob plant)

Net sales in the Phosphate segment decreased to $4.7 billion in 2023, down from $6.2 billion in 2022, driven by lower selling prices in 2023. Sales volumes increased from 6.6 million tonnes in 2022 to 7.0 million tonnes, while production volume of finished phosphates totaled 6.6 million, down from 6.7 million.
The average realized selling price decreased to $646 per tonne in 2023, from $913 in 2022. Gross margin per tonne was $100 in 2023, compared to $268 in 2022, and adjusted gross margin per tonne(1) decreased to $109 in 2023 from $274 in the prior year, reflecting lower phosphate prices which were partially offset by the decrease in raw material costs.
Sales volumes in the first quarter are expected to be 1.6-1.8 million tonnes with DAP prices on an FOB basis averaging $580-$605 per tonne. Stripping margins are expected to stay elevated.
Mosaic FertilizantesQ4 2023Q4 202220232022
Sales Volumes - million tonnes*2.22.59.79.4
Finished Product Selling Price$552$773$587$878
Gross Margin (GAAP) per tonne$44$11$22$111
Adjusted Gross Margin per tonne(1)
$45$12$24$111
Operating Earnings - millions$50$(20)$75$910
Segment Adjusted EBITDA(1) - millions
$111$29$327$1,049
*Tonnes = finished product tonnes
Mosaic Fertilizantes reported net sales of $5.7 billion in 2023, down from $8.3 billion in the prior year, reflecting lower prices. The gross margin per tonne, which averaged $22 in 2023, down from $111 in 2022, was negatively impacted by lower prices, inflationary cost pressures and high-priced inventory. The destocking of high-priced inventory was complete in the second quarter of 2023 and margin per tonne of the distribution business in the fourth quarter was above the historical normalized annual range of $30-$40 per tonne.
The distribution business typically sells more nitrogen products in the first quarter of each year, which historically generate lower and less consistent margins. As such, we expect first quarter margin per tonne will be below the historical normalized annual range. We expect distribution margin per tonne in a twelve-month period ended March 31, 2024 to be within the normalized annual range.
Other
Full-year selling, general and administrative expenses were $501 million in 2023 compared with $498 million in 2022.
Mosaic recognized strong earnings from equity investments of $60 million, reflecting contribution from the company’s share of the MWSPC joint venture in Saudi Arabia.

(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.

3


The reported effective tax rate for 2023 was 13.3 percent, and 26.9 percent excluding discrete items. Cash taxes paid in 2023 were $386 million.

In 2023, net cash provided by operating activities was $2.4 billion and capital expenditures were $1.4 billion.
2024 Market Outlook
Global grain and oilseed markets are expected to remain tight in 2024. Crop production, threatened by geopolitical unrest, weather extremes and reduced fertilization, is struggling to keep up with strong demand driven by secular demographic changes and growing consumption from renewable fuels. As a result, global stocks-to-use ratios for grains and oilseeds are expected to remain under pressure for the foreseeable future. Today's healthy agriculture back drop and favorable economics will continue to incentivize growers to maximize yields and apply fertilizers.

These demand factors are especially promising for the phosphate market as they are expected to be matched by tight global supply well into 2024. China's exports are expected to remain capped as domestic agriculture and industrial demand is prioritized over fertilizer exports. Firm phosphate prices and low raw material prices suggest that stripping margins will stay elevated for the foreseeable future.

In North America, after a long Fall application season and solid winter fill activities, demand strength continues into the Spring planting season. Brazil shipments are expected to remain solid in 2024 as barter ratio are favorable and growers need to replenish soil nutrients. In India, grower demand is strong and growers are waiting for higher government subsidy rates.

Potash demand for North America is expected to remain robust in 2024, and demand in Southeast Asia and Brazil is expected to improve as the year progresses. Supply appears adequate to meet that demand in the near term.
2024 Modeling Assumptions
The Company provides the following modeling assumptions for the full year 2024:
Modeling AssumptionsFull Year 2024
Total Capital Expenditures$1.1 - 1.2 billion
Depreciation, Depletion & Amortization$960 - $990 million
Selling, General, and Administrative Expense$470 - $500 million
Net Interest Expense$140 - $160 million
Effective tax rateHigh 20’s %
Cash tax rateMid 20's %
Sensitivities Table Using 2023 Cost Structure
The Company provided the following sensitivities to price and foreign exchange rates to help investors anticipate the potential impact of movements in these factors.
Sensitivity
Full year adj. EBITDA impact(1)
2023 Actual
Average MOP Price / tonne (fob mine)(5)
$10/mt price change = $60 million (4)
$308
Average DAP Price / tonne (fob plant)(5)
$10/mt price change = $70 million$573
Average BRL / USD
0.10 change, unhedged = $10 million(6)
5.00
(4) Includes impact of Canadian Resource Tax
(5) Approximately 20% of DAP price sensitivity impact is expected to be in the Mosaic Fertilizantes segment.; approximately 5% of the MOP price sensitivity impact is expected to be in the Mosaic Fertilizantes segment.
(6) The company hedged about 50 percent of the annual sensitivity. Over longer periods of time, inflation is expected to offset a portion of currency benefits.


4


About The Mosaic Company
The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. Mosaic is a single-source provider of phosphate and potash fertilizers and feed ingredients for the global agriculture industry. More information on the company is available at www.mosaicco.com.
Mosaic will conduct a conference call on Thursday, February 22, 2024, at 11:00 a.m. Eastern Time to discuss fourth quarter and full year 2023 earnings results. A simultaneous webcast of the conference call may be accessed through Mosaic’s website at www.mosaicco.com/investors. This webcast will be available up to one year from the time of the earnings call.

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements about proposed or pending common dividends, special dividends, share repurchases, future transactions or strategic plans and other statements about future financial and operating results. Such statements are based upon the current beliefs and expectations of The Mosaic Company’s management and are subject to significant risks and uncertainties. These risks and uncertainties include, but are not limited to: political and economic instability and changes in government policies in countries in which we have operations; the predictability and volatility of, and customer expectations about, agriculture, fertilizer, raw material, energy and transportation markets that are subject to competitive and other pressures and economic and credit market conditions; the level of inventories in the distribution channels for crop nutrients; the effect of future product innovations or development of new technologies on demand for our products; changes in foreign currency and exchange rates; international trade risks and other risks associated with Mosaic’s international operations and those of joint ventures in which Mosaic participates, including the performance of the Wa’ad Al Shamal Phosphate Company (also known as MWSPC), the future success of current plans for MWSPC and any future changes in those plans; difficulties with realization of the benefits of our natural gas based pricing ammonia supply agreement with CF Industries, Inc., including the risk that the cost savings initially anticipated from the agreement may not be fully realized over its term or that the price of natural gas or ammonia during the term are at levels at which the pricing is disadvantageous to Mosaic; customer defaults; the effects of Mosaic’s decisions to exit business operations or locations; changes in government policy; changes in environmental and other governmental regulation, including expansion of the types and extent of water resources regulated under federal law, carbon taxes or other greenhouse gas regulation, implementation of numeric water quality standards for the discharge of nutrients into Florida waterways or efforts to reduce the flow of excess nutrients into the Mississippi River basin, the Gulf of Mexico or elsewhere; further developments in judicial or administrative proceedings, or complaints that Mosaic’s operations are adversely impacting nearby farms, business operations or properties; difficulties or delays in receiving, increased costs of or challenges to necessary governmental permits or approvals or increased financial assurance requirements; resolution of global tax audit activity; the effectiveness of Mosaic’s processes for managing its strategic priorities; adverse weather conditions affecting operations in Central Florida, the Mississippi River basin, the Gulf Coast of the United States, Canada or Brazil, and including potential hurricanes, excess heat, cold, snow, rainfall or drought; actual costs of various items differing from management’s current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental regulation, Canadian resources taxes and royalties, or the costs of the MWSPC; reduction of Mosaic’s available cash and liquidity, and increased leverage, due to its use of cash and/or available debt capacity to fund financial assurance requirements and strategic investments; brine inflows at Mosaic’s potash mines; other accidents and disruptions involving Mosaic’s operations, including potential mine fires, floods, explosions, seismic events, sinkholes or releases of hazardous or volatile chemicals; and risks associated with cyber security, including reputational loss; as well as other risks and uncertainties reported from time to time in The Mosaic Company’s reports filed with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements. The declarations and payment of future dividends and special dividends remain at the discretion of the Board of Directors.
###
Non-GAAP Financial Measures
This press release includes the presentation and discussion of non-GAAP diluted net earnings per share guidance, or adjusted EPS, non-GAAP gross margin per tonne, or adjusted gross margin per tonne, non-GAAP adjusted EBITDA, and free cash flow, collectively referred to as non-GAAP financial measures. Generally, a non-GAAP financial measure is a supplemental numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles, or GAAP. Non-GAAP financial measures should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because non-GAAP measures are not determined in accordance with GAAP, they are thus susceptible to varying interpretations and calculations and may not be comparable to other similarly titled measures of other companies. Adjusted metrics, including adjusted EPS, adjusted gross margin, and adjusted EBITDA are calculated by excluding the impact of notable items from the GAAP measure. Notable items impact on gross margin and EBITDA is pretax. Notable items impact on diluted net earnings per share is calculated as the notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Management believes that these adjusted measures provide securities analysts, investors, management and others with useful supplemental information regarding our performance by excluding certain items that may not be indicative of, or are unrelated to, our core operating results. Free Cash Flow is defined as net cash provided by operating activities less capital expenditures and adjusted for changes in working capital financing. Management utilizes these adjusted measures in analyzing



and assessing Mosaic’s overall performance and financial trends, for financial and operating decision-making, and to forecast and plan for future periods. These adjusted measures also assist our management in comparing our and our competitors' operating results. We are not providing forward looking guidance for U.S. GAAP reported diluted net earnings per share, gross margin per tonne, or a quantitative reconciliation of forward-looking adjusted EPS, adjusted gross margin and adjusted EBITDA because we are unable to predict with reasonable certainty our notable items without unreasonable effort. Historically, our notable items have included, but are not limited to, foreign currency transaction gain or loss, unrealized gain or loss on derivatives, acquisition-related fees, discrete tax items, contingencies and certain other gains or losses. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP reported results for the guidance period. Reconciliations for Non-GAAP financial measures contained in this press release are found below. Reconciliations for current and historical periods beginning with the quarter ended March 31, 2022 for consolidated adjusted EPS and adjusted EBITDA, as well as segment adjusted EBITDA and adjusted gross margin per tonne are provided in the Selected Calendar Quarter Financial Information performance data for the related periods. This information is being furnished under Exhibit 99.2 of the Form 8-K and available on our website at www.mosaicco.com in the “Financial Information - Quarterly Earnings” section under the “Investors” tab.



For the three months ended December 31, 2023, the Company reported the following notable items which, combined, positively impacted earnings per share by $0.40: 
AmountTax effectEPS impact
DescriptionSegmentLine item(in millions)(in millions)(per share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss) $79 $(16)$0.20 
Unrealized gain (loss) on derivatives Corporate and OtherCost of goods sold40 (7)0.10 
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(9)(0.03)
FX functional currencyMosaic FertilizantesCost of goods sold(3)(0.01)
Realized gain (loss) on RCRA Trust SecuritiesPhosphateOther non-operating income (expense)(7)(0.02)
ARO AdjustmentPhosphateOther operating income (expense)(4)(0.01)
Environmental reservePhosphateOther operating income (expense)(64)11 (0.16)
Land reclamationPhosphateCost of goods sold(28)(0.07)
ARO adjustmentPotashOther operating income (expense)(10)(0.02)
Tax law changeMosaic Fertilizantes(Provision for) benefit from income taxes— 136 0.42 
Total Notable Items$(6)$137 $0.40 
7


For the three months ended December 31, 2022, the Company reported the following notable items which, combined, negatively impacted earnings per share by $0.22: 
AmountTax effectEPS impact
DescriptionSegmentLine item(in millions)(in millions)(per share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss)$75 $(18)$0.16 
Unrealized gain (loss) on derivativesCorporate and OtherCost of goods sold14 (4)0.03 
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(11)(0.03)
FX functional currencyMosaic FertilizantesCost of goods sold(1)— — 
Fixed asset write-offPhosphateOther operating income (expense)(6)(0.01)
ARO AdjustmentPotashOther operating income (expense)(1)0.01 
Discrete tax itemsConsolidated(Provision for) benefit from income taxes— (9)(0.03)
Realized gain (loss) on RCRA Trust SecuritiesPhosphatesOther non-operating income (expense)(20)(0.04)
Environmental reservePhosphatesOther operating income (expense)(44)11 (0.09)
Hurricane Ian idle costsPhosphatesCost of goods sold(30)(0.07)
Insurance proceedsPhosphatesOther operating income (expense)(1)0.01 
Pension plan termination settlementConsolidatedOther non-operating income (expense)(42)10 (0.09)
Environmental reservePotashOther operating income (expense)(28)(0.06)
Lease termination and severanceCorporate and OtherOther operating income (expense)(4)(0.01)
Total Notable Items$(89)$14 $(0.22)
 
8


Condensed Consolidated Statements of Earnings
(in millions, except per share amounts)
 
The Mosaic Company  (unaudited)
 
 Three months ended December 31,Years ended
 December 31,
 2023202220232022
Net sales$3,149.5 $4,481.3 $13,696.1 $19,125.2 
Cost of goods sold2,590.0 3,512.9 11,485.5 13,369.4 
Gross margin559.5 968.4 2,210.6 5,755.8 
Selling, general and administrative expenses123.0 132.9 500.5 498.0 
Other operating expenses158.0 134.9 372.0 472.5 
Operating earnings278.5 700.6 1,338.1 4,785.3 
Interest expense, net(34.9)(33.8)(129.4)(137.8)
Foreign currency transaction gain (loss)91.0 75.1 194.0 97.5 
Other (expense) income (10.7)(64.7)(76.8)(102.5)
Earnings from consolidated companies before income taxes323.9 677.2 1,325.9 4,642.5 
Provision for (benefit from) income taxes(43.8)206.0 177.0 1,224.3 
Earnings from consolidated companies367.7 471.2 1,148.9 3,418.2 
Equity in net earnings of nonconsolidated companies0.3 57.3 60.3 196.0 
Net earnings including noncontrolling interests368.0 528.5 1,209.2 3,614.2 
Less: Net earnings attributable to noncontrolling interests2.7 5.3 44.3 31.4 
Net earnings attributable to Mosaic$365.3 $523.2 $1,164.9 $3,582.8 
Diluted net earnings per share attributable to Mosaic$1.11 $1.52 $3.50 $10.06 
Diluted weighted average number of shares outstanding327.7 343.8 333.2 356.0 
 
 

9


Condensed Consolidated Balance Sheets
(in millions, except per share amounts)
The Mosaic Company  (unaudited)
 December 31, 2023December 31, 2022
Assets
Current assets:
Cash and cash equivalents$348.8 $735.4 
Receivables, net1,269.2 1,699.9 
Inventories2,523.2 3,543.1 
Other current assets603.8 578.2 
Total current assets4,745.0 6,556.6 
Property, plant and equipment, net13,585.4 12,678.7 
Investments in nonconsolidated companies909.0 885.9 
Goodwill1,138.6 1,116.3 
Deferred income taxes1,079.2 752.3 
Other assets1,575.6 1,396.2 
Total assets$23,032.8 $23,386.0 
Liabilities and Equity
Current liabilities:
Short-term debt$399.7 $224.9 
Current maturities of long-term debt130.1 985.3 
Structured accounts payable arrangements399.9 751.2 
Accounts payable1,166.9 1,292.5 
Accrued liabilities1,777.1 2,279.9 
Total current liabilities3,873.7 5,533.8 
Long-term debt, less current maturities3,231.6 2,411.9 
Deferred income taxes1,065.5 1,010.1 
Other noncurrent liabilities2,429.2 2,236.0 
Equity:
Preferred stock, $0.01 par value, 15,000,000 shares authorized, none issued and outstanding as of December 31, 2023 and 2022— — 
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 393,875,241 shares issued and 324,103,141 shares outstanding as of December 31, 2023, 391,964,464 shares issued and 339,071,423 shares outstanding as of December 31, 20223.2 3.4 
Capital in excess of par value— — 
Retained earnings14,241.9 14,203.4 
Accumulated other comprehensive loss(1,954.9)(2,152.2)
Total Mosaic stockholders’ equity12,290.2 12,054.6 
Non-controlling interests142.6 139.6 
Total equity12,432.8 12,194.2 
Total liabilities and equity$23,032.8 $23,386.0 
10


 Condensed Consolidated Statements of Cash Flows
(in millions, except per share amounts)
The Mosaic Company  (unaudited)
 Three months ended December 31,Years ended
 December 31,
 2023202220232022
Cash Flows from Operating Activities:
Net cash provided by operating activities$538.1 $955.7 $2,407.2 $3,935.8 
Cash Flows from Investing Activities:
Capital expenditures(358.9)(340.5)(1,402.4)(1,247.3)
Purchases of available-for-sale securities - restricted(201.1)(302.9)(1,240.8)(762.5)
Proceeds from sale of available-for-sale securities - restricted197.4 298.4 1,209.1 743.0 
Proceeds from sale of business— — 158.4 — 
Acquisition of business— — (41.0)— 
Other0.4 1.9 (0.5)7.2 
Net cash used in investing activities(362.2)(343.1)(1,317.2)(1,259.6)
Cash Flows from Financing Activities:
Payments of short-term debt(3,070.1)(1,602.6)(9,832.0)(1,761.2)
Proceeds from issuance of short-term debt3,170.0 1,827.7 10,007.1 1,980.5 
Payments from inventory financing arrangement— (200.5)(601.4)(1,651.5)
Proceeds from inventory financing arrangement— — 601.4 1,348.8 
Payments of structured accounts payable arrangements(422.3)(332.5)(1,432.9)(1,476.6)
Proceeds from structured accounts payable arrangements214.2 439.9 1,048.2 1,460.5 
Payments of long-term debt(950.5)(565.8)(995.3)(610.3)
Proceeds from issuance of long-term debt900.0 — 900.0 — 
Collections of transferred receivables— 1,068.5 1,468.6 2,352.1 
Payments of transferred receivables— (1,069.7)(1,468.6)(2,433.2)
Repurchases of stock(150.0)(64.0)(756.0)(1,665.2)
Cash dividends paid(65.1)(51.1)(351.6)(197.7)
Dividends paid to non-controlling interest(17.8)(21.3)(41.5)(38.0)
Other(19.1)(1.6)(26.5)13.1 
Net cash used in financing activities(410.7)(573.0)(1,480.5)(2,678.7)
Effect of exchange rate changes on cash(6.2)(8.0)(2.8)(29.7)
Net change in cash, cash equivalents and restricted cash(241.0)31.6 (393.3)(32.2)
Cash, cash equivalents and restricted cash—beginning of year601.8 722.5 754.1 786.3 
Cash, cash equivalents and restricted cash—end of year$360.8 $754.1 $360.8 $754.1 

11


Years ended December 31,
20232022
Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows:
Cash and cash equivalents$348.8 $735.4 
Restricted cash in other current assets8.6 8.2 
Restricted cash in other assets3.4 10.5 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows$360.8 $754.1 
12


Reconciliation of Non-GAAP Financial Measures
Earnings Per Share Calculation
 
 Three months ended
 December 31,
Years ended
 December 31,
 2023202220232022
Net earnings attributed to Mosaic$365.3 $523.2 $1,164.9 $3,582.8 
Basic weighted average number of shares outstanding326.1 340.3 331.3 352.4 
Dilutive impact of share-based awards1.6 3.5 1.9 3.6 
Diluted weighted average number of shares outstanding327.7 343.8 333.2 356.0 
Basic net earnings per share$1.12 $1.54 $3.52 $10.17 
Diluted net earnings per share$1.11 $1.52 $3.50 $10.06 
Notable items impact on earnings per share$(0.40)$0.22 $0.07 $0.95 
Adjusted earnings per share$0.71 $1.74 $3.57 $11.01 

Free Cash Flow
Year ended
 December 31,
 20232022
Net cash provided by operating activities$2,407 $3,936 
Capital expenditures(1,402)(1,247)
Working capital financing(a)
(210)(95)
Free cash flow$795 $2,594 

(a) Includes net proceeds (payments) from inventory financing arrangements, structured accounts payable arrangements and commercial paper borrowings.
 


13


Reconciliation of Non-GAAP Financial Measures
Consolidated Earnings (in millions)
Three months ended December 31,Year ended
December 31,
 20232023
Consolidated net earnings attributable to Mosaic$365 $1,165 
Less: Consolidated interest expense, net(35)(129)
Plus: Consolidated depreciation, depletion and amortization257 960 
Plus: Accretion expense27 96 
Plus: Share-based compensation expense33 
Plus: Consolidated provision for (benefit from) income taxes(44)176 
Less: Equity in net earnings of nonconsolidated companies, net of dividends— 35 
Plus: Notable items not included above— 237 
Adjusted EBITDA$646 $2,761 
Three months ended December 31,Years ended December 31,
Potash Earnings (in millions)
2023202220232022
Operating Earnings$222 $497 $1,152 $2,768 
Plus: Depreciation, Depletion and Amortization89 73 299 307 
Plus: Accretion Expense
Plus: Foreign Exchange Gain (Loss)41 41 (19)
Plus: Other Non Operating Income(2)— (45)— 
Plus: Notable Items(31)19 15 53 
Adjusted EBITDA$322 $597 $1,471 $3,117 
Three months ended December 31,Years ended December 31,
Phosphate Earnings (in millions)
2023202220232022
Operating Earnings$21 $145 $375 $1,347 
Plus: Depreciation, Depletion and Amortization124 111 486 485 
Plus: Accretion Expense19 15 67 55 
Plus: Foreign Exchange Gain (Loss)(1)(4)(1)(8)
Plus: Other Non Operating Income (Expense)(9)(9)(16)(32)
Plus: Dividends from equity investments— — 25 — 
Less: Earnings (Loss) from Consolidated Noncontrolling Interests47 32 
Plus: Notable Items107 95 338 404 
Adjusted EBITDA$259 $348 $1,227 $2,219 









14


Reconciliation of Non-GAAP Financial Measures

Three months ended December 31,Years ended December 31,
Mosaic Fertilizantes (in millions)
2023202220232022
Operating Earnings$50 $(20)$75 $910 
Plus: Depreciation, Depletion and Amortization41 45 165 125 
Plus: Accretion Expense20 17 
Plus: Foreign Exchange Gain (Loss)32 38 80 
Plus: Other Non Operating Income (Expense)(1)(1)(4)(4)
Less: Earnings (Loss) from Consolidated Noncontrolling Interests— — (2)(1)
Plus: Notable Items(16)(38)(11)(8)
Adjusted EBITDA$111 $29 $327 $1,049 

Three months ended December 31,Years ended December 31,
Potash Earnings (in millions)
2023202220232022
Gross Margin / tonne$99 $289 $137 $351 
Notable items in gross margin— — — — 
Adjusted gross margin / tonne$99 $289 $137 $351 
Three months ended December 31,Years ended December 31,
Phosphates Earnings (in millions)
2023202220232022
Gross Margin / tonne$88 $148 $100 $268 
Notable items in gross margin18 19 
Adjusted gross margin / tonne$106 $167 $109 $274 
Three months ended December 31,Years ended December 31,
Mosaic Fertilizantes Earnings (in millions)
2023202220232022
Gross Margin / tonne$44 $11 $22 $111 
Notable items in gross margin— 
Adjusted gross margin / tonne$45 $12 $24 $111 
15

Exhibit 99.2
The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)
Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023
Consolidated data (in millions, except per share)
Diluted net earnings (loss) per share$3.19 $2.85 $2.42 $1.52 $1.28 $1.11 $(0.01)$1.11 
Notable items impact on earnings per share(a)
0.78 (0.79)(0.80)(0.22)0.14 0.07 (0.69)0.40 
Adjusted diluted net earnings per share(a)
$2.41 $3.64 $3.22 $1.74 $1.14 $1.04 $0.68 $0.71 
Diluted weighted average # of shares outstanding370.1 363.1 347.7 343.8 338.7 333.7 332.0 327.7 
Total Net Sales $3,922 $5,373 $5,348 $4,481 $3,604 $3,395 $3,548 $3,149 
Cost of goods sold2,483 3,526 3,846 3,512 2,934 2,824 3,139 2,589 
Gross Margin$1,439 $1,847 $1,502 $969 $670 $571 $409 $560 
SG&A133 108 124 133 127 130 120 123 
Other operating (income) expense(p)
50 65 224 136 (2)72 144 158 
Operating earnings$1,256 $1,674 $1,154 $700 $545 $369 $145 $279 
Interest expense, net(40)(34)(31)(34)(41)(36)(17)(35)
Consolidated foreign currency gain/(loss)311 (227)(61)75 51 149 (97)91 
Earnings from consolidated companies before income taxes1,527 1,377 1,061 677 546 474 (19)324 
Provision for (benefit from) income taxes372 369 277 206 118 108 (6)(44)
Earnings (loss) from consolidated companies$1,155 $1,008 $784 $471 $428 $366 $(13)$368 
Equity in net earnings (loss) of nonconsolidated companies31 36 72 57 31 13 16 — 
Less: Net earnings (loss) attributable to noncontrolling interests14 24 10 
Net earnings (loss) attributable to Mosaic$1,182 $1,036 $842 $523 $435 $369 $(4)$365 
After tax Notable items included in earnings$288 $(286)$(277)$(75)$46 $22 $(231)$131 
Gross Margin Rate37 %34 %28 %22 %19 %17 %12 %18 %
Effective Tax Rate (including discrete tax)24 %27 %26 %30 %22 %23 %32 %(14)%
Discrete Tax benefit (expense)$$(14)$(12)$(9)$14 $10 $17 $
Depreciation, Depletion and Amortization$226 $245 $229 $233 $220 $244 $239 $257 
Accretion Expense$20 $20 $19 $22 $23 $23 $23 $27 
Share-Based Compensation Expense$16 $(1)$$$12 $$$
Notable Items$(374)$361 $354 $84 $(66)$(32)$335 $— 
Adjusted EBITDA(b)
$1,451 $2,028 $1,686 $1,051 $777 $744 $594 $646 
Net cash provided by (used in) operating activities$506 $1,585 $889 $956 $149 $1,073 $647 $538 
Cash paid for interest (net of amount capitalized)80 83 80 76 
Cash paid for income taxes (net of refunds)259 233 253 370 226 147 49 (36)
Net cash used in investing activities$(297)$(265)$(355)$(343)$(221)$(312)$(422)$(362)
Capital expenditures(291)(263)(354)(341)(322)(310)(412)(359)
Net cash (used in) provided by financing activities$(125)$(1,331)$(650)$(573)$(209)$(607)$(254)$(411)
Cash dividends paid(41)(54)(51)(51)(152)(68)(66)(65)
Effect of exchange rate changes on cash$31 $(33)$(20)$(8)$$$(10)$(6)
Net change in cash and cash equivalents$115 $(44)$(135)$32 $(277)$164 $(39)$(241)
Short-term debt$481 $17 $201 $225 $855 $229 $300 $400 
Long-term debt (including current portion)3,977 3,960 3,959 3,397 3,389 3,393 3,357 3,362 
Cash & cash equivalents882 839 703 735 465 626 591 349 
Net debt$3,576 $3,138 $3,457 $2,887 $3,779 $2,996 $3,066 $3,413 
Segment Contributions (in millions)
Phosphates$1,496 $1,801 $1,577 $1,310 $1,382 $1,286 $986 $1,070 
Potash1,060 1,580 1,432 1,136 907 849 720 758 
Mosaic Fertilizantes1,488 2,260 2,629 1,910 1,343 1,419 1,731 1,192 
Corporate and Other(c)
(122)(268)(290)125 (28)(159)111 129 
Total net sales$3,922 $5,373 $5,348 $4,481 $3,604 $3,395 $3,548 $3,149 
Phosphates$493 $578 $131 $145 $266 $146 $(58)$21 
Potash563 915 793 497 402 328 200 222 
Mosaic Fertilizantes187 420 323 (20)(32)(20)77 50 
Corporate and Other(c)
13 (239)(93)78 (91)(85)(74)(14)
Consolidated operating earnings (loss)$1,256 $1,674 $1,154 $700 $545 $369 $145 $279 



Phosphates(d)
1,661 1,675 1,651 1,571 1,836 1,922 1,651 1,582 
Potash(d)
1,792 2,304 2,142 1,863 1,910 2,163 2,220 2,577 
Mosaic Fertilizantes1,822 2,320 2,824 2,472 2,080 2,385 3,060 2,158 
Corporate and Other370 533 221 466 420 359 482 618 
Total finished product tonnes sold ('000 tonnes)
5,645 6,832 6,838 6,372 6,246 6,829 7,413 6,935 
Sales of Performance Products (third party) ('000 tonnes) (e)
711 741 790 1,265 819 977 1,305 1,044 




The Mosaic Company - Phosphates Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales$1,496 $1,801 $1,577 $1,310 $1,382 $1,286 $986 $1,070 
Cost of Goods Sold968 1,159 1,219 1,078 1,123 1,070 899 931 
Gross Margin$528 $642 $358 $232 $259 $216 $87 $139 
Notable Items Included in Gross Margin— — (9)(30)— (31)— (28)
Adjusted Gross Margin(b)
$528 $642 $367 $262 $259 $247 $87 $167 
SG&A10 15 10 11 10 11 
Other operating (income) expense27 54 219 72 (17)59 135 107 
Operating Earnings$493 $578 $131 $145 $266 $146 $(58)$21 
Plus: Depreciation, Depletion and Amortization120 133 121 111 116 129 117 124 
Plus: Accretion Expense13 14 13 15 16 16 16 19 
Plus: Foreign Exchange Gain (Loss)(7)— (4)(2)(2)(1)
Plus: Other Non operating Income (Expense)— (24)(9)— (1)(6)(9)
Plus: Dividends from equity investments— — — — 25 — — — 
Less: Earnings (loss) from Consolidated Noncontrolling Interests14 25 12 
Plus: Notables Items17 66 226 95 (14)109 136 107 
Adjusted EBITDA(b)
$632 $758 $481 $348 $382 $385 $201 $259 
Capital expenditures$148 $157 $168 $159 $142 $119 $157 $208 
Gross Margin $ / tonne of finished product$318 $383 $217 $148 $141 $112 $53 $88 
Adjusted Gross Margin $ / tonne of finished product$318 $383 $222 $167 $141 $129 $53 $106 
Gross margin as a percent of sales35 %36 %23 %18 %19 %17 %%13 %
Freight included in finished goods (in millions)$90 $94 $98 $95 $96 $102 $92 $105 
Idle/Turnaround costs (excluding notable items)$31 $79 $79 $70 $42 $34 $25 $32 
Operating Data
Sales volumes ('000 tonnes)(d)
DAP/MAP917 814 824 844 1,022 928 913 762 
Performance products(f)
659 780 750 640 740 919 673 741 
Other products(i)
85 81 77 87 74 75 65 79 
Total Finished Product(d)
1,661 1,675 1,651 1,571 1,836 1,922 1,651 1,582 
DAP selling price (fob plant)(r)
$785 $920 $809 $722 $660 $585 $487 $552 
Average finished product selling price (destination)(g)
$877 $1,048 $924 $794 $717 $634 $569 $658 
Production Volumes ('000 tonnes)
Total tonnes produced(h)
1,745 1,636 1,664 1,602 1,836 1,660 1,593 1,479 
Operating Rate70 %66 %67 %65 %74 %67 %64 %60 %
Raw Materials
Ammonia used in production (tonnes)258 236 236 243 274 240 234 209 
% manufactured ammonia used in production34 %22 %%42 %29 %44 %32 %53 %
Sulfur used in production 818 764 781 745 840 771 735 549 
% prilled sulfur used in production11 %%— %%%11 %%%
Realized costs ($/tonne)
Ammonia (tonne)(j)
$532 $591 $665 $653 $605 $441 $353 $366 
Sulfur (long ton)(k)
$281 $385 $436 $348 $236 $195 $156 $152 
Blended rock $61 $64 $68 $78 $77 $79 $81 $77 
Phosphates cash conversion costs / production tonne(s)
$76 $86 $85 $96 $96 $105 $105 $118 
Cash costs of U.S. mined rock / production tonne(t)
$50 $46 $41 $48 $58 $56 $56 $56 
ARO cash spending (in millions)$33 $28 $33 $43 $41 $41 $42 $41 



MWSPC equity earnings (loss)$31 $34 $72 $58 $31 $10 $17 $— 
MWSPC total sales tonnes (DAP/MAP/NPK)592 413 599 684 762 649 771 722 
Miski Mayo external sales revenue$26 $21 $33 $38 $41 $47 $33 $18 




The Mosaic Company - Potash Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales$1,060 $1,580 $1,432 $1,136 $907 $849 $720 $758 
Cost of Goods Sold481 652 633 598 494 513 510 503 
Gross Margin$579 $928 $799 $538 $413 $336 $210 $255 
Notable Items Included in Gross Margin— — — — — — — — 
Adjusted Gross Margin(b)
$579 $928 $799 $538 $413 $336 $210 $255 
SG&A
Other operating (income) expense (p)
— 32 25 
Operating Earnings$563 $915 $793 $497 $402 $328 $200 $222 
Plus: Depreciation, Depletion and Amortization77 81 76 73 70 74 66 89 
Plus: Accretion Expense
Plus: Foreign Exchange Gain (Loss)17 (23)(19)23 (26)41 
Plus: Other Non operating Income (Expense)— — — — — — (43)(2)
Plus: Notable Items(8)23 19 19 (3)(19)68 (31)
Adjusted EBITDA(b)
$651 $998 $871 $597 $474 $408 $267 $322 
Capital expenditures$65 $67 $78 $72 $93 $74 $85 $105 
Gross Margin $ / tonne of finished product$323 $403 $373 $289 $216 $155 $95 $99 
Adjusted Gross Margin $ / tonne of finished product$323 $403 $373 $289 $216 $155 $95 $99 
Gross margin as a percent of sales55 %59 %56 %47 %46 %40 %29 %34 %
Supplemental Cost Information
Canadian resource taxes$157 $274 $258 $238 $121 $95 $86 $102 
Royalties$27 $32 $31 $24 $19 $13 $$13 
Freight(l)
$70 $76 $55 $66 $80 $94 $99 $78 
Idle/Turnaround costs (excluding notable items)$15 $$13 $24 $22 $35 $37 $
Operating Data
Sales volumes ('000 tonnes)(d)
MOP1,532 2,045 1,952 1,707 1,696 1,883 2,031 2,359 
Performance products(m)
243 245 178 143 201 270 177 207 
Other products(i)
17 14 12 13 13 10 12 11 
Total Finished Product(d)
1,792 2,304 2,142 1,863 1,910 2,163 2,220 2,577 
Crop Nutrients North America618 727 439 594 739 881 1,129 773 
Crop Nutrients International1,020 1,415 1,574 1,145 1,053 1,144 1,007 1,666 
Non-Agricultural154 162 129 125 118 138 84 138 
Total Finished Product(d)
1,792 2,304 2,142 1,863 1,910 2,163 2,220 2,577 
MOP selling price (fob mine)(o)
$582 $678 $666 $581 $421 $326 $266 $243 
Average finished product selling price (destination)(g)
$591 $686 $669 $610 $475 $392 $324 $294 
Production Volumes ('000 tonnes)
Production Volume2,200 2,436 2,266 2,151 1,944 1,921 1,854 2,527 
Operating Rate80 %87 %81 %77 %69 %69 %66 %90 %
MOP cash costs of production excluding brine / production tonne(n)
$81 $78 $78 $76 $81 $74 $73 $66 
ARO cash spending (in millions)
$18 $13 $11 $$$$$



Average CAD / USD$1.267 $1.276 $1.304 $1.358 $1.352 $1.343 $1.342 $1.361 




The Mosaic Company - Mosaic Fertilizantes Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales$1,488 $2,260 $2,629 $1,910 $1,343 $1,419 $1,731 $1,192 
Cost of Goods Sold1,269 1,810 2,281 1,882 1,344 1,406 1,625 1,098 
Gross Margin$219 $450 $348 $28 $(1)$13 $106 $94 
Notable Items Included in Gross Margin(18)— 14 (1)— (13)(2)(3)
Adjusted Gross Margin(b)
$237 $450 $334 $29 $(1)$26 $108 $97 
SG&A21 27 25 29 26 29 26 29 
Other operating (income) expense11 — 19 15 
Operating Earnings$187 $420 $323 $(20)$(32)$(20)$77 $50 
Plus: Depreciation, Depletion and Amortization25 27 28 45 32 38 54 41 
Plus: Accretion Expense
Plus: Foreign Exchange Gain (Loss)119 (83)(66)38 23 73 (48)32 
Plus: Other Non operating Income (Expense)(1)(1)(1)(1)(1)(1)(1)(1)
Less: Earnings from Consolidated Noncontrolling Interests— (1)— — — (2)— — 
Plus: Notable Items(101)76 55 (38)(24)(31)60 (16)
Adjusted EBITDA(b)
$233 $444 $343 $29 $3 $66 $147 $111 
Capital expenditures$75 $39 $92 $100 $87 $63 $118 $68 
Gross Margin $ / tonne of finished product$120 $194 $123 $11 $(1)$$35 $44 
Adjusted Gross Margin $ / tonne of finished product$130 $194 $118 $12 $(1)$11 $35 $45 
Gross margin as a percent of sales15 %20 %13 %%— %%%%
Idle/Turnaround costs (excluding notable items)$$30 $44 $29 $11 $30 $28 $26 
Operating Data
Sales volumes ('000 tonnes)
Phosphate produced in Brazil737 638 488 505 510 611 622 492 
Potash produced in Brazil46 46 33 40 44 44 62 45 
Purchased nutrients for distribution(q)
1,039 1,636 2,303 1,927 1,526 1,730 2,376 1,621 
Total Finished Product1,822 2,320 2,824 2,472 2,080 2,385 3,060 2,158 
Sales of Performance Products ('000 tonnes)(e)
$155 $290 $574 $473 $211 $283 $660 $341 
Brazil MAP price (Brazil production delivered price to third party)$882 $1,021 $866 $663 $669 $653 $533 $580 
Average finished product selling price (destination)(g)
$817 $974 $931 $773 $646 $595 $566 $552 
Production Volumes ('000 tonnes)
MAP261 266 174 261 235 219 160 256 
TSP131 129 85 82 106 88 131 50 
SSP312 275 343 332 283 240 321 316 
DCP127 85 114 126 108 133 133 120 
NPK64 55 25 49 45 56 62 32 
Total phosphate tonnes produced895 810 741 851 777 736 807 774 
MOP94 38 69 100 82 61 106 114 
Phosphate operating rate92 %83 %76 %87 %78 %74 %81 %77 %
Potash operating rate72 %29 %55 %80 %65 %49 %85 %91 %
Realized Costs ($/tonne)
Ammonia/tonne(j)
$1,145 $1,396 $1,267 $1,354 $1,150 $912 $667 $655 



Sulfur (long ton)(k)
$337 $384 $432 $402 $278 $258 $219 $179 
Blended rock$105 $102 $106 $106 $124 $128 $117 $117 
Purchases ('000 tonnes)
DAP/MAP from Mosaic102 102 30 38 146 117 20 58 
MicroEssentials® from Mosaic248 448 370 205 277 427 152 163 
Potash from Mosaic/Canpotex398 663 798 417 235 756 672 404 
Phosphate cash conversion costs in BRL, Production / tonne(s)
 R$403  R$506  R$533  R$483  R$538  R$540  R$495  R$546
Potash cash conversion costs in BRL, production / tonne R$1,296  R$2,285  R$1,591  R$1,176  R$1,455  R$1,701  R$1,143  R$1,064
Mined rock costs in BRL, cash produced / tonne R$557  R$500  R$525  R$632  R$606  R$533  R$498  R$548
ARO cash spending (in millions)$$$$11 $$$$
Average BRL / USD$5.235 $4.917 $5.244 $5.255 $5.196 $4.954 $4.880 $4.953 




The Mosaic Company - Corporate and Other Segment
Selected Calendar Quarter Financial Information
(Unaudited)

Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023
Net Sales and Gross Margin (in millions)
Segment income statement
Net Sales$(122)$(268)$(290)$125 $(28)$(159)$111 $129 
Cost of Goods Sold(235)(95)(287)(46)(27)(165)105 57 
Gross Margin (Loss)$113 $(173)$(3)$171 $(1)$6 $6 $72 
Notable items Included in Gross Margin100 (62)(76)14 (1)34 (45)40 
Adjusted Gross Margin (Loss)(b)
$13 $(111)$73 $157 $ $(28)$51 $32 
SG&A97 63 85 80 83 83 78 75 
Other operating (income) expense13 11 
Operating Earnings (Loss)$13 $(239)$(93)$78 $(91)$(85)$(74)$(14)
Plus: Depreciation, Depletion and Amortization
Plus: Share-Based Compensation Expense16 (1)12 
Plus: Foreign Exchange Gain (Loss)182 (121)21 34 27 54 (26)19 
Plus: Other Non operating Income (Expense)(11)(1)(53)(7)(5)— — 
Less: Earnings (Loss) from Consolidated Noncontrolling Interests— — — — — — — — 
Plus: Notable Items(282)196 54 (25)(91)71 (60)
Adjusted EBITDA(b)
$(65)$(172)$(9)$77 $(82)$(115)$(21)$(46)
Elimination of profit in inventory income (loss) included in COGS$(76)$(180)$104 $171 $20 $35 $45 $16 
Unrealized gain (loss) on derivatives included in COGS$100 $(59)$(76)$14 $(1)$34 $(45)$41 
Operating Data
Sales volumes ('000 tonnes)
370 533 221 466 420 359 482 618 
Sales of Performance Products ('000 tonnes)14 — — — — 
Average finished product selling price (destination)(g)
$597 $732 $720 $692 $636 $478 $423 $414 
Purchases ('000 tonnes)
DAP/MAP from Mosaic— — 47 — 31 — — 
MicroEssentials® from Mosaic15 — 15 16 — 
Potash from Mosaic/Canpotex220 471 332 337 296 126 — 345 




The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)

Notable Items
Q4 2023
DescriptionSegmentLine ItemAmount (in millions)
Tax Effect(u) (in millions)
EPS Impact (per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss) $79 $(16)$0.20 
Unrealized gain (loss) on derivatives Corporate and OtherCost of goods sold40 (7)0.10 
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(9)(0.03)
FX functional currencyMosaic FertilizantesCost of goods sold(3)(0.01)
Realized gain (loss) on RCRA Trust SecuritiesPhosphateOther non-operating income (expense)(7)(0.02)
ARO AdjustmentPhosphateOther operating income (expense)(4)(0.01)
Environmental reservePhosphateOther operating income (expense)(64)11 (0.16)
Land reclamationPhosphateCost of goods sold(28)(0.07)
ARO adjustmentPotashOther operating income (expense)(10)(0.02)
Tax law changeMosaic Fertilizantes(Provision for) benefit from income taxes— 136 0.42 
Total Notable Items$(6)$137 $0.40 


Q3 2023
DescriptionSegmentLine ItemAmount (in millions)
Tax Effect(u) (in millions)
EPS Impact (per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss) $(107)$27 $(0.23)
Unrealized gain (loss) on derivatives Corporate and OtherCost of goods sold(45)12 (0.10)
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(12)(0.03)
FX functional currencyMosaic FertilizantesCost of goods sold(2)— 
Realized gain (loss) on RCRA Trust SecuritiesPhosphateOther non-operating income (expense)(6)(0.01)
ARO AdjustmentPhosphateOther operating income (expense)(123)32 (0.28)
Environmental reservePhosphateOther operating income (expense)(3)(0.01)
Pension plan termination settlementPotashOther non-operating income (expense)(42)10 (0.10)
Discrete tax itemsConsolidated(Provision for) benefit from income taxes— 22 0.07 
Total Notable Items$(340)$109 $(0.69)




Q2 2023
DescriptionSegmentLine ItemAmount (in millions)
Tax Effect(u) (in millions)
EPS Impact (per basic share)
Unrealized foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss) $114 $(28)$0.26 
Unrealized gain (loss) on derivatives Corporate and OtherCost of goods sold34 (9)0.08 
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(12)(0.03)
FX functional currencyMosaic FertilizantesCost of goods sold(13)(0.03)
Realized gain (loss) on RCRA Trust SecuritiesPhosphateOther non-operating income (expense)— — 
ARO AdjustmentPhosphateOther operating income (expense)(28)(0.06)
Environmental reservePhosphateOther operating income (expense)(37)(0.08)
Land reclamationPhosphateCost of goods sold(31)(0.07)
Total Notable Items$29 $(7)$0.07 
Q1 2023
DescriptionSegmentLine ItemAmount (in millions)
Tax Effect(u) (in millions)
EPS Impact (per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss) $51 $(12)$0.11 
Unrealized gain (loss) on derivatives Corporate and OtherCost of goods sold(1)— — 
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(12)(0.03)
Gain on sale of Streamsong ResortPhosphateOther operating income (expense)57 (14)0.13 
FX functional currencyMosaic FertilizantesCost of goods sold— — — 
Realized gain (loss) on RCRA Trust SecuritiesPhosphateOther non-operating income (expense)(8)(0.02)
ARO AdjustmentPhosphateOther operating income (expense)(20)(0.04)
Environmental reservePhosphateOther operating income (expense)(6)(0.01)
Total Notable Items$61 $(15)$0.14 



Q4 2022
DescriptionSegmentLine ItemAmount (in millions)
Tax Effect(u) (in millions)
EPS Impact (per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss)$75 $(18)$0.16 
Unrealized gain (loss) on derivativesCorporate and OtherCost of goods sold14 (4)0.03 
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(11)(0.03)
FX functional currencyMosaic FertilizantesCost of goods sold(1)— — 
Fixed asset write-offPhosphateOther operating income (expense)(6)(0.01)
ARO AdjustmentPotashOther operating income (expense)(1)0.01 
Discrete tax itemsConsolidated(Provision for) benefit from income taxes— (9)(0.03)
Realized gain (loss) on RCRA Trust SecuritiesPhosphatesOther non-operating income (expense)(20)(0.04)
Environmental reservePhosphatesOther operating income (expense)(44)11 (0.09)
Hurricane Ian idle costsPhosphatesCost of goods sold(30)(0.07)
Insurance proceedsPhosphatesOther operating income (expense)(1)0.01 
Pension plan termination settlementConsolidatedOther non-operating income (expense)(42)10 (0.09)
Environmental reservePotashOther operating income (expense)(28)(0.06)
Lease termination and severanceCorporate and OtherOther operating income (expense)(4)(0.01)
Total Notable Items$(89)$14 $(0.22)

Q3 2022
DescriptionSegmentLine ItemAmount (in millions)
Tax Effect(u) (in millions)
EPS Impact (per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss)$(61)$16 $(0.13)
Unrealized gain (loss) on derivativesCorporate and OtherCost of goods sold(76)20 (0.16)
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(12)(0.02)
FX functional currencyMosaic FertilizantesCost of goods sold14 (4)0.03 
Discrete tax itemsConsolidated(Provision for) benefit from income taxes— (12)(0.04)
ARO AdjustmentPhosphatesOther operating income (expense)(143)36 (0.31)
Environmental reservePhosphatesOther operating income (expense)(71)18 (0.15)
Hurricane Ian idle costsPhosphatesCost of goods sold(9)(0.02)
Insurance proceedsPhosphatesOther operating income (expense)(1)0.01 
ARO AdjustmentMosaic FertilizantesOther operating income (expense)(3)(0.01)
Total Notable Items$(357)$80 $(0.80)



Q2 2022
DescriptionSegmentLine ItemAmount (in millions)
Tax Effect(u) (in millions)
EPS Impact (per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss)$(227)$57 $(0.47)
Unrealized gain (loss) on derivativesCorporate and OtherCost of goods sold(59)15 (0.12)
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(9)(0.03)
Discrete tax itemsConsolidated(Provision for) benefit from income taxes— (14)(0.04)
Realized gain (loss) on RCRA Trust SecuritiesPhosphatesOther non-operating income (expense)(26)(0.05)
Gain on sale of plantMosaic FertilizantesOther operating income (expense)(2)0.02 
ARO AdjustmentPhosphatesOther operating income (expense)(5)(0.01)
Environmental reservePhosphatesOther operating income (expense)(30)(0.06)
Write down of investmentCorporate and OtherOther non-operating income (expense)(12)(0.02)
Inventory lower of cost or marketCorporate and OtherCost of goods sold(3)(0.01)
Total Notable Items$(364)$78 $(0.79)

Q1 2022
DescriptionSegmentLine ItemAmount (in millions)
Tax Effect(u) (in millions)
EPS Impact (per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss)$311 $(78)$0.62 
Unrealized gain (loss) on derivativesCorporate and OtherCost of goods sold100 (25)0.21 
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(9)(0.02)
FX functional currencyMosaic FertilizantesCost of goods sold(18)(0.03)
Fixed asset write-offPhosphateOther operating income (expense)(4)(0.01)
ARO AdjustmentPotashOther operating income (expense)(9)(0.02)
Discrete tax itemsConsolidated(Provision for) benefit from income taxes— 0.03 
Total Notable Items$371 $(83)$0.78 





Footnotes
 
(a)Notable items impact on Earnings Per Share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Adjusted Diluted Net Earnings per Share is defined as diluted net earnings (loss) per share excluding the impact of notable items. See "Non-GAAP Reconciliations".
(b)See definitions of Adjusted EBITDA and Adjusted Gross Margin under “Non-GAAP Reconciliations”.
(c)Includes elimination of intersegment sales.
(d)Finished product sales volumes include intersegment sales.
(e)Includes MicroEssentials, K-Mag, Aspire and Sus-Terra sales tonnes.
(f)Includes MicroEssentials performance products.
(g)Average price of all finished products sold by Potash, Phosphate, Mosaic Fertilizantes and India/China.
(h)Includes crop nutrient dry concentrates and animal feed ingredients.
(i)Includes finished goods sales of feed and other products.
(j)Amounts are representative of our average ammonia costs in cost of goods sold.
(k)Amounts are representative of our average sulfur costs in cost of goods sold.
(l)Includes inbound freight, outbound freight and warehousing costs on K-Mag, animal feed and domestic MOP sales.
(m)Includes K-Mag, and Aspire finished performance products.
(n)MOP cash costs of production are reflective of actual costs during the period excluding brine management costs, depreciation, depletion, accretion, carbon-based and Canadian resource tax, idle and turnaround costs. Total Production costs for MOP production excludes K-Mag costs, Aspire raw material costs and incremental Aspire operating costs.
(o)Excludes industrial and feed sales. Price has been calculated using the average monthly foreign exchange rate.
(p)Includes sales volumes of phosphate and potash nutrients purchased from other Mosaic segments and Canpotex.
(q)Includes intersegment sales.
(r)Total production costs less depreciation, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of finished phosphate production in the period. 
(s)Total production cost less depreciation/depletion, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of rock produced in the period.
(t)Tax impact is based on our expected annual effective rate.




The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)

Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), Mosaic has presented in this Selected Calendar Quarter Financial Information certain non-GAAP financial measures, or measures calculated based on non-GAAP financial measures, including: Adjusted Diluted Net Earnings Per Share, Consolidated Adjusted EBITDA, Segment Adjusted EBITDA, and Adjusted Gross Margin. Generally, a non-GAAP financial measure is a supplemental numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Each of the non-GAAP financial measures we present is determined as described below.
The non-GAAP financial measures we present should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because these non-GAAP measures, as presented, are not determined in accordance with GAAP, they are thus susceptible to varying interpretations and calculations and may not be comparable to other similarly titled measures of other companies.
Adjusted Diluted Net Earnings Per Share
Adjusted diluted net earnings per share is defined as diluted net earnings per share, excluding the impact of notable items. Notable items impact on diluted net earnings per share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Management believes that adjusted diluted net earnings per share provides securities analysts, investors and others, in addition to management, with useful supplemental information regarding our performance by excluding certain items that may not be indicative of or are unrelated to our core operating results. Management utilizes adjusted diluted net earnings per share in analyzing and assessing Mosaic’s overall performance, for financial and operating decision-making, and to forecast and plan for the future periods. Adjusted diluted net earnings per share also assists our management in comparing our and our competitors' operating results. Reconciliations of adjusted diluted net earnings per share to diluted net earnings per share for the periods presented are provided under “Consolidated Data” on the first page of this Selected Calendar Quarter Financial Information.
Consolidated Adjusted EBITDA
Consolidated Adjusted EBITDA is defined as consolidated Net Income (Loss) before net interest expense, depreciation, depletion and amortization, asset retirement obligation accretion, share-based compensation expense and provision for/(benefit) from income taxes. Consolidated Adjusted EBITDA is also adjusted for notable items that management excludes in analyzing our performance. Consolidated Adjusted EBITDA is a non-GAAP financial measure that we provide to assist securities analysts, investors, lenders and others in their comparisons of operational performance, valuation and debt capacity across companies with differing capital, tax and legal structures. Consolidated Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, consolidated Net Income (Loss) as a measure of operating performance. A reconciliation of Consolidated Net Income (Loss) to Consolidated Adjusted EBITDA is provided below.
(in millions)
Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023
Consolidated Net Income (Loss)$1,182 $1,036 $842 $523 $435 $369 $(4)$365 
Less: Consolidated Interest Expense, Net(40)(34)(31)(34)(41)(36)(17)(35)
Plus: Consolidated Depreciation, Depletion & Amortization226 245 229 233 220 244 239 257 
Plus: Accretion Expense20 20 19 22 23 23 23 27 
Plus: Share-Based Compensation Expense16 (1)12 
Plus: Consolidated Provision for (Benefit from) Income Taxes372 369 277 206 118 108 (6)(44)
Less: Equity in net earnings (loss) of nonconsolidated companies, net of dividends31 36 72 57 13 16 — 
Plus: Notable Items not included above(374)361 354 84 (66)(32)335 — 
Consolidated Adjusted EBITDA$1,451 $2,028 $1,686 $1,051 $777 $744 $594 $646 

Segment Adjusted EBITDA
Adjusted EBITDA presented at the segment level is defined as the related segment's operating earnings (loss) plus depreciation, depletion and amortization plus asset retirement obligation accretion plus foreign exchange gain (loss) plus other income (expense) plus equity earnings (loss) less equity earnings (loss) from noncontrolling interests. Adjusted EBITDA is also



adjusted for notable items that management excludes in analyzing our performance. We provide these non-GAAP financial measures because we believe they are relevant and useful to securities analysts, investors and others because they are part of our internal management reporting and planning process, and our management uses these measures to evaluate the operational performance and valuation of our segments. Management also uses these measures as a method of comparing segment, performance with that of its competitors. Segment Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, segment Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, as measures of operating performance. Management believes Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, are the most directly comparable GAAP measures because we do not allocate taxes on a segment basis. Reconciliations of Segment Adjusted EBITDA to segment Operating Earnings (Loss) and segment Operating (Loss) Earnings/sales tonne, respectively, are provided as part of each segment's Selected Calendar Quarter Financial Information.
Adjusted Gross Margin
Adjusted gross margin is defined as gross margin excluding the impact of notable items. Management believes the adjusted measures provides security analysts, investors, management & others with useful supplemental information regarding our performance by excluding certain items that may not be indicative of, or are unrelated to, our core operating results. Management utilizes adjusted gross margin in analyzing and assessing Mosaic's overall performance for financial and operating decision-making and to forecast and plan for future periods.


v3.24.0.1
Document and Entity Information
Feb. 21, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 21, 2024
Entity Registrant Name MOSAIC CO
Entity Incorporation, State or Country Code DE
Entity File Number 001-32327
Entity Tax Identification Number 20-1026454
Entity Address, Address Line One 101 East Kennedy Blvd.
Entity Address, Address Line Two Suite 2500
Entity Address, City or Town Tampa,
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33602
City Area Code 800
Local Phone Number 918-8270
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of each class Common Stock, par value $0.01 per share
Trading Symbol MOS
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001285785
Amendment Flag false

Mosaic (NYSE:MOS)
Gráfica de Acción Histórica
De Oct 2024 a Oct 2024 Haga Click aquí para más Gráficas Mosaic.
Mosaic (NYSE:MOS)
Gráfica de Acción Histórica
De Oct 2023 a Oct 2024 Haga Click aquí para más Gráficas Mosaic.